AUG. 1 UPDATE: The new Bed Bath & Beyond website has launched following Overstock’s acquisition of the retailer’s intellectual property. “Through this rebranding, we’re breathing new life into Bed Bath & Beyond, positioning it as an asset-light ecommerce retailer with an expanded home furnishings and furniture assortment,” said Jonathan Johnson, CEO of the new Bed Bath & Beyond in a statement. “Think of it as Bed Bath & a much bigger, better Beyond.” The retailer launched the Canadian version of its site on June 29.
Customers will see sitewide deals and promotions, including a 25% off welcome coupon for anyone who downloads and shops through the refreshed mobile app. Active members of the former Bed Bath & Beyond loyalty program will receive a free membership (a $19.95 value) in the retailer’s new Welcome Rewards program as well as reinstated loyalty points.
Note: this story was originally published on June 29, 2023.
Overstock.com will change its website name to bedbathandbeyond.com following its successful acquisition for $21.5 million of certain intellectual property assets of Bed Bath & Beyond. The purchase took place under a bankruptcy court-supervised process and was funded entirely with cash on hand. Shoppers will have access to Overstock’s assortment of home furnishings as well as the kitchen, bedding and bath-related products that defined Bed Bath & Beyond’s offerings for three decades.
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Overstock also will relaunch the Bed Bath & Beyond domain in Canada within the week, then follow up with a refreshed website, mobile app and loyalty program in the U.S. in the coming weeks. Overstock will rebrand its Club O loyalty program as Welcome Rewards, and it will continue to offer 5% reward dollars for all purchases that can be redeemed in subsequent transactions.
“This acquisition is a significant and transformative step for us,” said Jonathan Johnson, CEO of Overstock in a statement. “Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace. The combination of our winning asset-light business model and the high awareness and loyalty of the Bed Bath & Beyond brand will improve the customer experience and position the Company for accelerated market share growth.”
The Bed Bath & Beyond assets acquired by Overstock include the retailer’s website and domain names, trademarks, trade names, patents, customer database and loyalty program data. The transaction excludes any assets associated with Bed Bath & Beyond’s brick-and-mortar business, such as store leases, inventory, warehousing and logistics infrastructure, as well as any BuyBuy Baby or Harmon assets.
The sale process of BuyBuy Baby, which was previously delayed to June 28, has reportedly been further split into two phases, people familiar with the matter told CNBC. Only bids for the banner’s intellectual property were accepted for the June 28 auction, with a separate auction, potentially to be held on June 29, accepting bids that would keep BuyBuy Baby and its stores operational.
The winner of the June 28 auction would be allowed to bid on June 29 as well, according to the CNBC sources. If Bed Bath & Beyond receives a higher offer for the entire banner than it gets for the intellectual property alone, the second auction could supersede the first.
